Which insurance policy allows the insured to adjust the premium and benefits over time?

The adjustable life policy is designed to offer flexibility by allowing the policyholder to modify both the premium amount and the death benefit as their needs change over time. This adaptability can be particularly beneficial for individuals whose financial circumstances or insurance needs may evolve. For example, if a policyholder wishes to increase coverage when their family grows or to reduce payments as they approach retirement, an adjustable life policy provides that capability.

Additionally, this policy combines features of both whole life and term life insurance, enabling policyholders to adjust the terms without needing to purchase a new policy. This flexibility is a significant advantage, as it allows the insured to manage their coverage in accordance with personal or financial shifts throughout their life.

Other insurance options can have rigid structures regarding premiums and benefits and may not provide the same level of customization as the adjustable life policy.